You need P4,000 per year for four years to go to college. Your father invested P5, 000 in 7% account for your education when you were born. If you withdraw P4, 000 at the end of your 17th, 18th , 19th and 20th birthday, how much will be left in the account at the end of the 21st year?
You need P4,000 per year for four years to go to college. Your father invested P5, 000 in 7% account for your education when you were born. If you withdraw P4, 000 at the end of your 17th, 18th , 19th and 20th birthday, how much will be left in the account at the end of the 21st year?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
ChapterM: Time Value Of Money Module
Section: Chapter Questions
Problem 4MC: Refer to the present value table information on the previous page. What amount should Brett have in...
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![You need P4,000 per year for four years
to go to college. Your father invested P5,
000 in 7% account for your education
when you were born. If you withdraw P4,
00 0 at the end of your 17th, 18th, 19th
and 20th birthday, how much will be left
in the account at the end of the 21st
year?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4ea04566-f80f-4e2a-a77f-7bf77281a5ac%2F6214e946-03e8-413f-8e0a-97db5fc54495%2F75s86w_processed.jpeg&w=3840&q=75)
Transcribed Image Text:You need P4,000 per year for four years
to go to college. Your father invested P5,
000 in 7% account for your education
when you were born. If you withdraw P4,
00 0 at the end of your 17th, 18th, 19th
and 20th birthday, how much will be left
in the account at the end of the 21st
year?
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